Kelas 7D-D-IV

Akuntansi Reguler
STAN 2013

PROFIT

Nini Dewi Handayani

Nolaristi
Nuni Tejo Sari
Raja Andreas Silaban
Rino Afriantoro
Riski Prasetyo Putro

Accounting Theory

What is Profit?

John Hicks :
A persons profit : maximum value the person

can consume during a week and still expect to

be as well off at the end of the week as at the
beginning.

Barton :
Business profit (income) : after removing the

effects of any additional capital contributions

or withdrawls by owners from the initial capital
investments, the increase in net wealth is the
income of the period.

Business Profit Terminal Case

Assume : business is to be
terminated
Beginning :
Owner invest : $1000
Buy furniture and fixture : $1000
Buy inventory : $2000 on account

2nd day :
Sell inventory that cost $1000 : $1500 on

account

During the year :

Remainder inventory is sold for $1500
The furniture and fixtures are sold for $900

Business Profit Terminal Case

(cont..)

What is the profit of the firm? It is the total

cash receipts less the total cash outlays.

Cash received :
Sale of inventory
Sale of furniture and fixtures
Total

Cash paid :
Purchase of furniture and fixtures
Purchase of inventory
Total

$3000
900
3900

Profit

1000
2000
3000

$ 900

Business Profit Terminal Case

(cont..)
CAPITAL (BEGINNING)
Invested by owner
$1000

Capital,
year
Capital,
1000
Profit

end of the
$1900
beginning
$ 900

CAPITAL (ENDING)
Capital received :
Receivebles collected and
inventory cash sales
$3000
Furniture and fixtures
sold
900
Total 3900
Cash paid :
Liabilities 2000
Net cash $1900

Business Profit
Certainty of future cash

1 January Year 1 :
Year 1 Year 2
Prospective cash receipts,
to be received at end of year 10000 12000
Prospective cash outlays,
to be paid at end of year6000 7000

Business Profit
Certainty of future cash (cont..)
First Year
Receivable or
payable value
on 1/1/Y1

12% increase

Receivables,
Year 1

$ 8929

$ 1071

Receivables,
Year 2

9566

1148

18495

2219

Payables, Year 1

5357

643

Payables, Year 2

5580

670

10937

1313

$ 7558

906

Decrease in
receivables or
payables
$ 10000

$ 6000

$ 4000

Business Profit
Certainty of future cash (cont..)
Journal entries for Year 1 :
1/1/Y1 :
Receivables $18495
Payables $10937
Capital 7558
31/12/Y1:

Cash $10000
Receivables $10000
Payables $6000
Cash $6000
Revenue $2219
Expense $1313
Profit and Loss Summary

906

Receivables $2219
Revenue $2219

Profit and Loss Summary

Capital $906

Expense $1313
Payables $1313

Capital $4000
Cash $4000

$906

Business Profit
Certainty of future cash (Conclusion)

Increase in value of the total assets that concurrently increases

capital during a given period revenue for the period.
Increase in value of the total liabilities that concurrently
decreases capital during a given period expense for the period.
Profit for period = increase in the value of capital, as measured at
the beginning and the end of the period.
All values increase at predetermined rate. So, revenue is the
interest earned on total asset, expense is the interest incurred on
total liabilities, and profit is the interest of the investment (capital)
Profit is not equivalent to net cash receipts for a period.
Profit is the increase in the value of capital, the difference between
the values of assets and liabilities at the beginning and the end of
the reporting period.

Cost and
Value
Cost = Value
Cost = the present value of the cash related to the benefits =
saat pembeli dan penjual yakin akan adanya nilai benefit masa
depan, dengan tingkat pengembalian yang masuk akal
Cost = value pada saat tanggal terjadinya transaksi
Cost Value
Historical cost tidak sama dengan current value = karena nilai
selalu berubah bergantung pada waktu perubahan dari ekpektasi
masing-masing individu

Profit under uncertainty

THE IDEAL CASE = didukung oleh
penganut Current Value
Fokus pada perubahan nilai dari aset dan
liability
menggunakan accrual accounting
THE TERMINAL CASE = didukung oleh
penganut H.Cost

Fokus pada kas yang diterima dan dikeluarkan ,

perbedaan dari cash inflow dan cash outflow

Biasanya digunakan pada bisnis jangka pendek,

kapan berakhinya bisnis tersebut diketahui
Accrual & Defferal digunakan apabila bisnis
jangka panjang, dan informasi tentang profit ingin
diketahui sebelum bisnis tersebut berakhir.

Profit vs earnings
PROFIT
sesuai dengan konsep capital maintanance : hanya kelebihan
jumlah inflow of assets yang digunakan untuk mempertahankan
modal yang diakui sebagai profit.
Perubahan dari wealth approach pada ideal and terminal case
= perubahan tingkat kesejahteraan dari suatu entitas bisnis
FASB = > profit = comprehensive income : perubahan modal
dari suatu entitas diantara dua periode waktu, tidak termasuk
perubahan investasi dan distribusi kepada pemilik. Dimana
modal menggambarkan nilai pada periode tertentu berdasarkan
given scale

EARNING
Komponen dari laba komprehensif (profit)
earning digunakan untuk mengukur performance dalam
suatu periode= a measure of performance

VALUE
PREFERENSI MASING-MASING INDIVIDU
Ekspektasi Keuntungan Masa Depan dari
kepemilikan suatu benda

VALUE SIFATNYA PERSONAL

Si A bisa menganggap barang Z sangat
berguna dan bernilai, sedangkan si B
bisa menganggap barang Z tidak
berguna
UANG SEBAGAI STANDARD COMMODITY
1 Anggur = 2 Jeruk
1 Anggur = 3 Apel
1 Anggur = 5 Pisang
Atau sering dikenal sbg Exchange Price
& menggunakan ratio

A Structure of price
Digunakan untuk mengungkapkan nilai relatif dari suatu komoditas
PAST PRICES
Historical Cost

CURRENT PRICES
Replacement /current cost
Exit Price
Calculated Present Value
FUTURE PRICES
Future Replacement /current cost
Future Exit Price

Value
AAS

25/AASB 1023: Assets of a defined contribution plan and

a defined benefit plan are measured at their net market values
as at the reporting date.
IAS 41/AASB 141: The valuation method adopted for forests
and other biological assets is the fair value.
IAS 16/ AASB 116: Allows for the use of either a cost model
(the traditional historical cost approach) or revaluation model
where defined classes of assets are revalued to a fair market
value.
IAS 36/ AASB 136: Requires the comparison of the recoverable
amount of an asset with the carrying value where there is an
indication than an asset may be impaired.

Accounting Theory
Monograph No. 10
(Measurement in Financial Accounting)
Relative

Current Value Accounting

Assets and Liabilities are remeasured at each
reporting date to their value to the entity.
Profit: the change in the relative value of assets and
liabilities for a defined period.
The changes in wealth from operating and holding
net assets are incorporated into the concept of
profit, which flows on to residual equity.

Capital
Capital

= net assets = the difference

between the sums of the total assets and
total liabilities.
Profit - the beginning amount of capital is
maintained - the costs are recovered.
Two different views of Capital:
Financial Capital
Physical Capital

Financial Capital
Focuses

on the owners contributions to the entity that

financed the assets.
Capital = cash invested by owners + profits reinvested by
retention in the business
Financial capital maintenance
the ability to invest the
same amount of money at the end as at the beginning of
the period.
Profit = the amount of cash received by the firm over the
cash (or cash equivalent) investment by owners into the
firm.

Physical Capital
Focuses

on the ability of the firm to generate goods or

services.
Physical capital maintenance = the ability to achieve
the same physical level of production at the end of the
period as the beginning.
Productive Capacity:
The same physical non-monetary assets that the
entity possessed at the beginning of the period.
The volume of production.
The volume of sales.

Holding gain or
Capital maintenance adjustment
Financial

Capital = changes in the values of

assets and liabilities are holding gain or losses.
Physical Capital
= increases in the prices of
items that a firm must have if it is to continue in
business are capital maintenance adjustment
Physical Capital
= decrease in current cost
should be a holding loss in the income statement
unless it can be offset against an existing amount
of capital maintenance adjustment

Kritik-kritik terhadap kedua pandangan

CAPITAL MAINTENANCE

Kritik terhadap pandangan Financial

CM
Profit is overstated
Holding gain cant distributed as
dividend
Investor predictions may be
misleading
Higher cost of replacing asset

Kritik-kritik terhadap kedua pandangan

CAPITAL MAINTENANCE

Kritik terhadap pandangan Physical CM

Maintenance is management function
not accountant
Maintenance of the present physical
capacity is not necessarily
advantageous to the owners

SCALE
Scale (skala) adalah pemberi arti pada angka hasil
measurement (pengukuran)
Akuntansi konvensional menganggap bahwa value dari dolar
dapat di ekspresikan secara sederhana sebagai kuantitas
walaupun waktu terus berjalan, namun yang lainnya meanggap
bahwa yang terpenting adalah kualitas dimana purchasing
power dari dolar harus sama

Nominal Dollar
SCALE
Purcashing Power of
the Dollar

SCALE : nominal dollar

- Used in conventional accounting

- The system is simple
- Dollar in different time is the same
- The quantity can be subtracted or added all the time
period
- Meaningfull of quantity of dollar is in its quantity of
dollar
- Uncomplicated
- Too simplistic

SCALE : purcashing power of

dollar
Through time, the value of money changes as its
demand and supply functions change due to
variations in peoples expectations and other causes.
1993 => es teh manis + bakwan = Rp50
2013 => es teh manis + bakwan = Rp3.000
Dollar of
different
year are
Constant dollar
all
accounting
expressed
in term of
Same currency
the
domain,
current
year

Confusion between price level

adjustment and current cost
Sometimes, current cost and exit price accounting
system are described as inflation accounting
system.

This description is not entirely accurate.

Inflation is the change in specific price
Current cost accounting and exi price accounting changes in
specific price of assets.
Eg: land purchase in 2000 for $100.000 when the general price
index is 100. and sold in 2012 for $220.000 when the general
price index is 150

Nominal Dollar Scale :

Sales
$220.000
Cost in 2000
$100.000 Gain
$120.000

Purcashing Power Scale

Sales 2012
$220.000
Cost restated 2012:
$100.000 x150/100
$150.000 Gain (real)
$70.000

Selection of Index
GDP
Implicit
Deflator
Comprehensi
ve index for
all goods and
service
produced in
economy

CPI
Index that
restricted
only to
consumer
goods

IPI
Reflect
changes in
investment
good price

Objections to price level adjustment:

UK ASC in 1973 historical cost must adjusted to the general
price level:
It is abandoned cause:
- Being confusion it caused (1975)
- cost of implementation
- general index is nor perfect reresentation
- Information is not usefull to users
www.themegallery.com
-

Purchasing power accountancy

ignored
There is no completely
satisfactory measure of the
value of monetary unit in
any country
There is significant difficulty in
deciding on the appropriate
measure for a multinational
operator, especially if most of
the entitys activities are
conducted abroad
The consequences of recognizing
money in the value of the
monetary unit have immediate
implications for the whole
system of financial contracts and
taxations

Reason the change in

purchasing power
have been ignored by
accouting profession

Monograph
No.10
summary on
page 21

Measurement of
Change in Value
Accountants Vs Economists
Contra to Recognising Unrealised
Gains:
- Superannuation Industry
- Insurance Industry
- Banking Industry
- Critics

Evidence of Usefulness of
Price Level Adjusted Data
Dyckman Research
Financial

Analysts were given 3 types of information:

1. Conventional (Unadjusted) Reports
2. Conventional (Unadjusted) + Adjusted Reports
3. Adjusted Reports only
Inflation

adjusted information can influence

investment evaluations, but not strongly

Benston & Krasney

Research

Direct Placement
Officer:
GAAP
89%
Replacement
Cost
9%
Constant
Dollar
2%

Common Stock
Investment
Officers

GAAP
89%
Replacement
Cost 9%
Exit Price 6%
Constant
Dollar
2%
No one wanted present value

Inflation Accounting (FASB 33)

A range of accounting systems
designed to correct problems
arising from historical cost
accounting in the presence of
inflation
SFAS No. 33 was quietly rescinded in 1986

simpulan
A.

Alasan yang Mendukung Price Level Adjusted Data

1.

2.

3.
4.

Laporan keuangan yang tidak disesuaikan

dengan perubahan tingkat harga umum, akan
terdiri dari berbagai jenis asset dan klaim,
yang disajikan dalam nilai uang dengan daya
beli yang berbeda.
Akuntansi biaya historis konvensional tidak
mengukur income secara memadai akibat
penandingan nilai uang dari besar (size)
yang berbeda pada laporan laba rugi.
Akuntansi tingkat harga umum relatif mudah
diterapkan.
Memberikan informasi yang relevan untuk
digunakan bagi manajemen dan untuk

B. Alasan yang Menolak Price Level Adjusted Data

1.

2.

3.
4.

Sebagian
besar
studi-studi
empiris
menunjukkan bahwa relevansi informasi
tingkat harga umum itu lemah atau tidak
berterima.
Perubahan tingkat harga umum hanya
menjelaskan perubahan pada tingkat harga
umum dan tidak menjelaskan perubahan
pada tingkat harga spesifik.
Dampak inflasi akan berbeda pada setiap
perusahaan, sehingga tidak komparatif,
Biaya untuk menerapkan akuntansi tingkat
harga umum melebihi keuntungannya.

Terima Kasih